As seen on: Malaya Business Insight
Etiqa Philippines’ innovative gadget insurance has once again demonstrated its excellence after being hailed as Insurtech Initiative of the Year at the Insurance Asia Awards 2023.
As a pioneering product, Gadget Protection was Etiqa’s first venture into embedded insurance with a major e-commerce platform together in partnership with digital insurance provider, Igloo.
Etiqa’s insuretech product first earned a nod from the famed International Finance Awards (IFA) as the Best Insuretech Initiative in the Philippines for 2022.
At the core, the regional insurer’s first gadget microinsurance aims to protect users of smartphones and other electronic devices from unexpected repair costs brought about by unwanted incidents.
Affirming this successful foray into gadget insurance for Etiqa were the 7 million new policies they have generated in Shopee alone by the end of 2022.
With the recent challenges in the insurance industry, Insurance Asia Awards shines the spotlight on outstanding companies that propelled their business to new heights to innovate further and provide unique offerings to their clients.
Since its inception eight years ago, the programme, which covers countries in the Asia Pacific region, highlights the hard work, dedication, and creativity of regional and country-level insurance companies who have stepped up to meet the growing demands of the ever-changing industry.
Organized by Singapore-based leading business information group, the nominees were judged by topnotch insurance leaders in Asia based on the following criteria: uniqueness and innovation; effectiveness and impact, as well as dynamism.
“Pushing for a mobile and digital-first approach in the country involves securing the very gadgets that make it possible. We are honored to be recognized by the Insurance Asia Awards for a product that has been transformational not just for our company but more so for our kababayans,” said Rico Bautista, President and CEO of Etiqa Philippines.
“As we are constantly looking for new ways to use technology to improve the customer experience, this award is a validation of our efforts in championing insuretech to provide seamless solutions and services for the industry and the entire country.”
The pocket-friendly, accessible, and straightforward gadget insurance Cracked Screen Protection and Electronics are readily available online and can be availed immediately before checkout of an electronic or mobile device through Shopee. They can easily top up or purchase the insurance before checkout and activate the policy via Igloo Portal.
For the same product, GCash e-wallet holders, meanwhile, can avail of Phone Screen Protect (PSP) and Full Phone Protection (360) via an affordable phone protection plan under GInsure for as low as Php 50 annually. To make it even more convenient and purely digital, clients can purchase phone protection plans, view their policies, and file claims right through the app.
With the mission of making the Philippines a better place, Etiqa ensures that it will continue being a significant player in the insurance industry by offering life and non-life insurance products that leverage on technology in improving the customer experience.